An absolute bankruptcy auction ordered by the U.S. Bankruptcy Court was held at the home of former Jefferson attorney Michelle Shepherd Wednesday.

Many remember Shepherd as the local real estate attorney who admitted to embezzling funds from her clients’ accounts for personal use over an eight-year period. Shepherd faced a total of 27 felony charges and 6,816 months in prison.

The auction was held by the Iron Horse Auction Company at 209 Kemp Drive and featured luxury and collectible vehicles, racing equipment, drag cars, Remington firearms, Craftsmen tools, a golf cart, children’s toys, framed oil paintings, jewelry, furniture, and a few flat screen televisions.

Bill Lilly of Iron Horse Auctions said that the auction attracted over 1,000 people to the site and brought in a total of $264,000 through placed bids. Buyers from seven states placed bids Wednesday afternoon including 240 Internet registered buyers from localities as far away as New York and Texas, Lilly said.

“It really was quite an event,” Lilly said. “It was a very successful auction.” Shepherd pled guilty to felony embezzlement and obtaining property by false pretense charges in April and received a sentence of 15 to 20 years in the state women’s prison in Raleigh. Shepherd’s fraudulent behavior affected 275 parties totaling an excess of $5.2 million. Ashe Federal Bank incurred loses of $1.9 million through Shepherd’s practice of check kiting, bank President Robert Washburn said.

The North Carolina Bar Association said it is considered the largest confirmed theft by an attorney in the state’s history. Shepherd told investigators that she had ‘always intended to pay off the balances’ she took from clients’ accounts but stated that the situation only grew worse the harder she tried to correct it. At one point, Shepherd said during courtroom testimony, she was spending 30-45 minutes of day ‘keeping up with money floating fraudulently.’

Some of the more extravagant items up for grabs during the auction included a 2008 Lexus RX400H (sold for a high bid of $35,500), a 2002 Pontiac Trans Am (sold for a high bid of $25,000), a 1978 25th Anniversary Edition Chevrolet Corvette (sold for a high bid of $8,000), and a 1955 Chevy Bel Air which is in the midst of body restoration.

A 2009 Flagstaff Classic Super Lite Camper was auctioned off at $17,000 and a 2005 Kubota M95S Tractor went to the high bid of $32,500.

State investigators stated in April that Shepherd purchased two tractor-trailers believed to have been used for the purpose of drag racing and a camper that was later traded for a motor coach. On Wednesday’s auction block were a Haulmaker Tri Axle Race Car hauler and a 2006 Cargo Mate enclosed trailer. A pro-modified 1992 Jerry Bickel Chevy Camaro with a 712-cubic-inch Fulton motor with a three nitrous system sold for the high bid of $30,000.

Other items included in Wednesday’s auction are as listed: Framed oil paintings by Thomas Kinkaid and Charles Lee Bar stools, leather rockers, padded straight chairs, one leather couch, one chess set, one complete bedroom suite, one 10-gun lighted gun case, a jewelry chest, and one cedar lined chest. A Craftsman tool chest, air compressor, varieties of saws, and a sander. A variety of televisions including a 65-inch Mitsubishi LCD projection television, Toshiba 26-inch flat screen television and a 65-inch Toshiba flat screen television were auctioned off Wednesday. Recreational vehicles that were auctioned off include a 1996 Club Car golf cart, Crossfire 150 Dune Buggy, and a 2003 Honda Recon ATV.

Lilly explained that he expects Shepherd’s real estate assets to be auctioned off in the near future and hopes that the USBC will contact the auction agency to handle those affairs as well. An investigation later revealed that Shepherd had used embezzled funds to purchase real estate property.

For more information on the Shepherd auction, visit ironhorseauction.com .